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FSB publishes global regulatory framework for crypto asset activities and formulates recommendations for greater effectiveness and cooperation
Top Level Recommendations for Crypto Regulation On Monday, the Financial Stability Board (FSB) released its global regulatory framework for crypto asset activities. This regulatory framework takes into account last year's crashes and includes nine recommendations for regulators to ensure effective oversight of crypto companies and markets. The recommendations also include revising monitoring protocols for stablecoins. These FSB recommendations also include cross-border cooperation between regulators, governance requirements for crypto issuers and mandatory disclosures for the crypto industry. The FSB emphasized the need to address the events of the last year and the importance of protecting client assets and managing conflicts of interest...
FSB publishes global regulatory framework for crypto asset activities and formulates recommendations for greater effectiveness and cooperation
Top-level recommendations for crypto regulation
On Monday, the Financial Stability Board (FSB) published its global regulatory framework for crypto asset activities. This regulatory framework takes into account last year's crashes and includes nine recommendations for regulators to ensure effective oversight of crypto companies and markets. The recommendations also include revising monitoring protocols for stablecoins. These FSB recommendations also include cross-border cooperation between regulators, governance requirements for crypto issuers and mandatory disclosures for the crypto industry.
The FSB stressed the need to address the events of the last year and emphasize the importance of protecting client assets and managing conflicts of interest. In a press release, the FSB stated: “The events of the past year have highlighted the inherent volatility and structural vulnerabilities of crypto assets and related actors.”
The regulatory framework is based on the principle of “same activity, same risk, same regulation” to ensure a level playing field. This principle aims to subject different forms of the same activity, such as payments, to uniform rules and regulations. Monsur Hussain, head of financial institutions research at Fitch Ratings, commented: “The FSB believes that crypto markets require further regulation to protect stakeholders and financial stability, and does not believe that regulating crypto confers legitimacy.”
Overall, the guidelines were welcomed by industry participants. Konstantin Horejsi, Chief Product Officer of trading platform Blocktrade, expressed satisfaction that similar limits have been set as for other asset classes. He expects the implementation of the guidelines to be different, but is confident that regulators will now respond more quickly to the challenges they face.
The FSB's global regulatory framework for crypto assets shows the trend towards stricter regulation of crypto markets. The top-level recommendations emphasize the need for a balanced approach that ensures the protection of investors and the security of financial markets. Effective supervision of the crypto industry can be achieved through the collaboration of regulatory authorities at national and international levels. It remains to be seen how regulatory authorities worldwide will respond to this regulatory framework and what specific measures will result from it. However, it is clear that crypto companies and markets can expect stricter regulation in the future.